Press release
L&G’s Private Markets Access Fund hits £1.3bn in its first year
Fund utilises L&G’s scaling private markets platform, deploying capital across its specialist real estate, private credit and infrastructure strategies.
1 Jul 2025
Full press release
- Fund offering diversified private markets exposure reaches £1.3bn in AUM; L&G expands PMAF access to DB clients;
- Alongside this, over £11bn has been allocated to the firm’s Lifetime Advantage default funds by DC schemes
L&G’s Private Markets Access Fund (‘PMAF’) has reached £1.3 billion1 in assets under management (‘AUM’), a year on from its launch in July 2024.
The Fund provides L&G’s 5.6 million defined contribution (‘DC’) members with the ability to access a diversified range of investment opportunities. This includes exposure to L&G’s £57bn2 private markets platform and leading third party strategies, across real estate, infrastructure, private credit and private equity, offering potential investment opportunities in a wide array of assets, including affordable housing, clean energy and natural resources.
As part of its focus on progressing its pension client offer and supporting access to private markets, L&G launched PMAF alongside a new Target Date Fund default range, the L&G Lifetime Advantage Funds (‘LAF’), which utilise the fund to allocate a diverse selection of growth assets, including private markets.
Since launch, the Lifetime Advantage Funds have seen inflows of over £11 billion from DC clients3, including L&G’s own employee plan, using it as their primary default strategy for L&G employees.
Growing its private markets platform is at the heart of L&G’s Asset Management strategy. With a growth target of £85bn AUM by 2028, L&G is focused on maximising opportunities within real estate, infrastructure, private credit, and venture capital, while strategically expanding into new global markets.
As a founder signatory to the Mansion House Accord, L&G has expressed its ambition to achieve a minimum 10% allocation of DC default funds into private markets by 2030, with at least 5% of the total UK DC default funds allocated to UK private markets. The significant growth in both PMAF and LAF in their first year demonstrates strong momentum among DC schemes to increase their exposure to private markets, including opportunities to fuel the domestic economy in line with the UK’s growth agenda.
L&G expands PMAF access to DB clients
As a result of the positive momentum for PMAF in the DC market, L&G has now expanded the Fund’s availability to DB clients looking to gain access to the potential benefits of a diversified allocation to private markets through a simple fund solution.
Whilst the fund remains focused on the needs of DC clients, DB schemes will have access to the Fund in a weekly dealing, diversified fund structure. This allows them to capture the diversified returns available from private markets while also managing schemes’ liquidity requirements4 as they mature or, under the new Pensions Bill, extract surplus capital when it is safe to do so5.
The strategy’s global, open architecture approach combines established L&G capabilities with third party direct and listed exposure, aiming to provide investors with some of the best opportunities available across the private markets universe.
Eric Adler, CEO, Asset Management, L&G: “We are pleased to have been an early adopter in designing a solution that enables default schemes with flexible liquidity requirements to access private markets opportunities. As private markets continue to open up to new DC and DB members, we expect a continued focus on private markets strategies that can offer income and growth together with positive societal benefits.”
Laura Mason, CEO, Retail, L&G, said: “We’re proud that the Fund drives a real-world impact by investing in assets such as affordable housing and clean energy. At the same time, it provides enhanced diversification, through access to a broader range of assets with the aim of delivering enhanced growth for our members over the long-term.”
References
1L&G data, as at 30 June 2025.
2As at FY 2024.
3L&G data, as at 30 June 2025.
4The fund allows weekly dealing with redemptions of up to 5% monthly and 20% annually of an investor’s unit holding, in addition to full liquidity with a 9-month notice period, with discretion to both bring this forward with investor consent, and also to gate the fund in the event of extreme market environments.
5Surplus extraction is here: What should DB schemes do now
Further information
